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Business Plan Guide And Workbook For Business Success
A Business Plan Book Written By An Entrepreneur And Business Consultant With Over Twenty Years Experience Writing Business Plans And Helping Companies Succeed. Includes A Step By Step Business Planning Workbook And A Comprehensive Business Plan Guide.
Business Plan Guide And Workbook For Business Success

[wprebay kw="personal+debt" num="0" ebcat="-1"] [wprebay kw="personal+debt" num="1" ebcat="-1"]

Question by quest2242: Can my business have liens placed upon it from my personal debts?
Me and my wife were just given a business to own by family. We have student loans, and serious debts we owe creditors. Can these creditors we owe come after our business for the debts that we owe them.

Best answer:

Answer by M O
If the business is a sole proprietorship, it is possible that personal and business assets and liabilities can end up legally tied together.

When a business is a sole proprietorship, the assets and liabilities are actually your personal assets and liabilities.

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Question by Eva: How do I know if a small business credit card is my personal debt?
I signed up for this credit card that we used in our corporation (= small business that my husband owns with 1 employee). At time of aplying for the cc I gave my ssn, and all info about me, and stated I was in the position of secretary in the corporation. When I had my own credit report ran in the past, this credit card never showed up. Now when the business is not doing well even though we are trying the hardest ever, what if we can’t make payments anymore on that card (balance is about $ 50,000). I’m I responsible the same way if it was a personal credit card? It was only used for business like buying inventory and so.

Best answer:

Answer by zeuz
I hate to be the bearer of bad news, but I believe corporate cards are the joint and severable liabilities of both the corporation and the individual employees.

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The Ultimate Real Estate System
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Question by New business owner: Is business credit card debt reported on your personal credit report?

Best answer:

Answer by SexyTrojan
If you don’t pay it, yes.

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by Michigan Municipal League (MML)

Question by CAROL P: Can a credit card company take money from your personal checking account for business debt without notificatio

Best answer:

Answer by ucbearcats4life
No. Unless you have set up some form of autopay that you have not yet cancelled credit card companies cannot take from you unless you ok it.

I have worked for Citibank Credit Card Services for over 5 years.

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Question by Richard S: I have credit card debt from a business that I closed; can I write off the interest on my personal taxes?
Where do I put this on my personal taxes?

Best answer:

Answer by AB
You can’t claim it on your personal taxes. If you closed your business this year, you will have to file a final return for it and you can claim it then.

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by Michigan Municipal League (MML)

Question by bette e: discover business card put my debt on my personal credit report,never been late always paid on time and extra,?
i will never take out another business card again using my s.s. no + my tax id no., is there a law to protect me as a business owner? that debt is for my business and in my llc name, what is the purpose of having a tax id if i have to show my personal? help! what are my rights?

Best answer:

Answer by DAS
I’m not sure, if this information should have been put on this account, meaning is your business incorporated? If it is a business account, then it should have been put on your business credit report. I would contact the Discover people to straighten this out. A business lawyer can show you the right way to get business credit without using your personal credit attached. I would be angry also, that is the whole purpose of having business compared to personal credit. A business credit attorney, or legal aide can give you advice on this matter. But I would contact Discover first, and make sure future business credit is just that business credit and not personal. There is a way to separate it.

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Question by kathy h: my husband and i have more business debt than personal. we own our own business. we have to locations. one?
what is the best way to get out of business debt?

Best answer:

Answer by Henry
The question is how much that debt is keeping you from expanding your business or otherwise enjoying its fruits. If it is a big deal then work out a rigorous program to get rid of it as much as you can, as quickly as you can.

Transfer balances to low or zero interest accounts and start destroying them. I know you can!

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